By Will Feuer

 

Mortgage rates fell over the past week, as demand for homes remains volatile.

In the week ending Thursday, the average rate on a 30-year fixed-rate mortgage fell to 6.33% from 6.48% the prior week. A year ago, the average rate was 3.45%.

Average 15-year rates fell to 5.52% from 5.73% last week, Freddie Mac said. A year ago, the 15-year fixed-rate mortgage rate averaged 2.62%.

"While mortgage rates have resumed their decline, the market remains hypersensitive to rate movements, with purchase demand experiencing large swings relative to small changes in rates," said Sam Khater, Freddie Mac's chief economist. "Over the last few weeks latent demand has been on display with buyers jumping in and out of the market as rates move."

 

Write to Will Feuer at Will.Feuer@wsj.com

 

(END) Dow Jones Newswires

January 12, 2023 12:15 ET (17:15 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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